The policy for which the benefits to the insured have been terminated because of non payment of premium amount on the due date or even after the grace period.
A type of insurance policy wherein the policy holder can pay premium for a fixed number of years and then not pay for the remaining years of the policy or his/her life.
The person whom an insurance policy protects. For example, the Life Assured is the person whose life is insured by a Life Insurance policy and whose nominees will receive a pay-out in case of his/her death.
An amount that the insurance company factors into the cost of premium to cover the operational costs of the company.